MANHATTAN ASSOCIATES INC

MANHATTAN ASSOCIATES INC

MANHVertical SaaS

Manhattan Associates is a supply chain and omnichannel commerce technology company.

Key figures

Data as of Jun 2026 · Pills compare vs Mar 2026
ARR Multiple
10.9x
+4.1x
ARR
$1.2B
+5.5%
YoY Growth
9.3%
+1.9pp
Market Cap
$13.0B
+59.9%
Revenue (Q)
$298M
+5.5%
Gross Margin
56.5%
+1.4pp
Op. Margin
22.2%
-0.8pp
Rule of 40
31.5
+1.3
Magic Number
2.25
+0.11

Revenue, margins & ratios from SEC filings; market cap & ARR multiple from market data. Market cap & ARR multiple use the close of 13 Oct 2026; their pills compare vs the Jun 2026 quarter-end (6.8x).

Valuation by quarter

Current ARR Multiple: 6.8x

Calculated valuation

FRAMEWORK EST.
Valuation data is not available for this company.

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AI Replacement RiskMODERATE
19/ 100
LowModerateElevatedHigh

Estimated likelihood that general-purpose AI replaces this product.

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Why this rating

From the AI Risk Calculator model

Structural moats (regulation, integration depth, or proprietary data) make AI-only replacement unlikely in the near term.

What's driving the score
Workflow automationCategory baseline
mid base
Workflow complexity5/5
-12 risk
Data moat3/5
-1 risk
Integration depthHigh
-10 risk
SegmentEnterprise
-8 risk
IndustryOther
neutral
Own AI integration3/5
-1.6 risk

Company overview

Manhattan Associates is a supply chain and omnichannel commerce technology company. It provides a cloud-native platform that optimizes inventory, warehouse operations, transportation, and customer order management for retailers, manufacturers, distributors, and logistics providers worldwide. Founded in 1990 in Atlanta, Georgia, Manhattan evolved from a warehouse management specialist into a comprehensive supply chain and commerce optimization platform.

Manhattan Active is the flagship. It's a cloud-native, microservices-based platform that includes Warehouse Management, Transportation Management, Omni (order management and store fulfillment), and Supply Chain Planning. Built on Google Cloud, Manhattan Active is versionless. Every customer runs the latest version at all times. That eliminates the expensive upgrade cycles that plague traditional supply chain software.

Manhattan Active WM is the market leader in warehouse management. It optimizes labor planning, slotting, wave management, pick-pack-ship, and yard management using advanced algorithms and machine learning. Manhattan Active Omni handles enterprise order management with real-time inventory visibility across stores, warehouses, and suppliers. Buy-online-pickup-in-store, ship-from-store, and unified customer service are all included.

About 1,200 customers use the platform globally. The world's largest retailers, grocery chains, manufacturers, and third-party logistics providers are among them. Annual revenue is roughly $1.1 billion. Cloud subscription revenue grows quickly. Recurring revenue exceeds 50% of total. Operating margins run above 24%, some of the highest in enterprise software. About 4,400 employees work across the Americas, Europe, and Asia-Pacific.

Entity information

Industry7372: Services-Prepackaged Software
Fiscal YearDec 31
IncorporatedGeorgia
Phone(770) 955-7070
Address2300 WINDY RIDGE PARKWAY TENTH FLOOR, ATLANTA, GA, 30339
Mailing address2300 WINDY RIDGE PARKWAY TENTH FLOOR, ATLANTA, GA, 30339
EIN58-2373424
Entity typeoperating
SEC industry framework06 Technology

SaaS KPIs

Reported in at least 3 quarters

Remaining Performance Obligations

14 quarters
$2.23B
Q4 FY2025+7.5%

RPO Growth (YoY)

12 quarters
23%
Q2 FY2026-2.0pp

Adjusted Operating Income

9 quarters
$103.9M
Q2 FY2026+5.1%

Cloud Subscription Revenue

9 quarters
$126.7M
Q2 FY2026+46.5%

Remaining Performance Obligations (RPO)

8 quarters
$2.47B
Q2 FY2026+5.1%

Cloud Subscription Revenue Growth

4 quarters
21%
Q3 FY2025-1.0pp

Management outlook

Given with Q2 FY2026 results (Jun 2026)
ReportedGuidanceFY2025 (cumulative)

Guided revenue, FY2026$1.160B – $1.166B
Midpoint$1.163B
Growth vs FY2025+7.5%
Reported, Q1–Q2$580.0M
Implied Q3–Q4$580.0M – $586.0M
Full Year 2026
Total revenue growth7% - 8%
GAAP operating margin24.2% - 24.4%
Adjusted operating margin35.0% - 35.2%
GAAP EPS$3.59 - $3.65
GAAP EPS growth0% - 1%
Adjusted EPS$5.44 - $5.50
Adjusted EPS growth8% - 9%
Remainder of 2026
Borrowing requirementsdo not anticipate any borrowing requirements
Cash prioritiesfirst priority being continued investment in product development and profitably investing in our business to extend our market leadership

Quarterly financials

Left axis in $ (Revenue, Gross profit, Net income, S&M); right axis for ratios (Rule of 40, Magic number). Click a legend item to toggle it.

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